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Mortgage loans: the Central Bank regulated loans to buy apartments under construction and new ones - La Nación Propiedades
Source:
www.lanacion.com.ar
November 28, 2024
In the midst of a real estate market marked by the return of mortgage credit and days after the Government decreed new measures to access one's own home, the BCRA made the measure effective
Mortgage loans: The Central Bank regularized the implementation of divisible mortgages for real estate projects in the works Ricardo Pristupluk
The Central Bank made effective the regularization of divisible mortgages for projects under development . The measure that had been published days ago in the Official Gazette through Decree 1017/2024 , will be implemented in the midst of a context marked by the reactivation of the sector with the return of mortgage loans by 23 banking entities, so that more and more people can access their homes .
In this way, it is established that “ first-degree mortgages on real estate or surface rights will be accepted as collateral and also includes mortgages for real estate projects regulated by the DNU ”. This ensures that the BCRA grants financial institutions the possibility of granting loans backed by these guarantees .
The bank explained to LA NACION that this measure is not a mandatory regulation to be adopted by banking entities , but that each one is in a position to grant them , if they so decide. The message aims to communicate to banks and other actors in the financial system that they can comply with the new rules, incorporating the updates in their procedures and systems.
The news was welcomed by developers who believe that it will open the doors to long-term bank financing for buyers in the process. “From CEDU and AEV we reaffirm our commitment to promoting initiatives such as this one that will improve access to housing and contribute to the sustained growth of our sector, that of private construction in the country,” said Damián Tabakman and Carlos Spina, President of CEDU and AEV.
Peo, even though the measure has already been published by the BCRA, the Ministry of Economy still needs to regulate it so that private and public banks can begin to offer their divisible mortgage lines.
In order for banks to begin launching their lines, regulations by the Ministry of Economy are still pending.Depositphotos
The main advantages of the system are that the buyers' fees during the construction are lower than at present and, in addition, that upon receiving their apartment it is presumed that the buyer does not have to make any new arrangements with the bank . "It is an option that facilitates the sale of these new units without having to cancel the mortgage at the time of handing over the key," explained the Government in the official resolution.
Until now, the payment plan to buy a condominium had to be paid in full at the time of receiving the key. “With this new measure, the buyer will be able to pay only a percentage , which will be commercially established depending on the development, during the construction of the building, while the remaining balance once the project is finished, will continue to be paid to the bank (it becomes a traditional and individual mortgage loan),” explains Damián Tabakman, president of the Chamber of Urban Developers (CEDU). This means that the buyer will pay “much lower installments and without having to have the entire balance paid at the delivery of the keys , which has been the usual market practice in recent years.
The measure favors real estate projects in the pitSantiago Filipuzzi - LA NACION
“This incentive helps ensure that the mortgage loan market is not limited to apartments, but also that there is more financing when it comes to building a house,” adds the Interwin manager.
Therefore, the bank that is applying for the loan can take this right as mortgageable and grant the loan , "thus allowing the holders of this real right to also access the mortgage market for the construction of their home ," the decree states.
As with the divisible mortgage , “each of the purchasers will assume the debt balance corresponding to their own functional unit or lot , in accordance with the conditions agreed with the mortgage creditor. If the debt balance had been cancelled prior to the corresponding transfer, the ownership and the real right of surface of the respective functional unit or lot will be free of all debt and of the mortgage lien duly constituted,” explains the Government.
www.buysellba.com
Source:
Créditos hipotecarios: el Banco Central reglamentó los préstamos para comprar departamentos en construcción y los nuevos
En medio de un mercado inmobiliario marcado por la vuelta del crédito hipotecario y a días de que el Gobierno decretara nuevas medidas para acceder a una vivienda propia, el BCRA efectivizó la medida
www.lanacion.com.ar
November 28, 2024
In the midst of a real estate market marked by the return of mortgage credit and days after the Government decreed new measures to access one's own home, the BCRA made the measure effective
Mortgage loans: The Central Bank regularized the implementation of divisible mortgages for real estate projects in the works Ricardo Pristupluk
The Central Bank made effective the regularization of divisible mortgages for projects under development . The measure that had been published days ago in the Official Gazette through Decree 1017/2024 , will be implemented in the midst of a context marked by the reactivation of the sector with the return of mortgage loans by 23 banking entities, so that more and more people can access their homes .
In this way, it is established that “ first-degree mortgages on real estate or surface rights will be accepted as collateral and also includes mortgages for real estate projects regulated by the DNU ”. This ensures that the BCRA grants financial institutions the possibility of granting loans backed by these guarantees .
The bank explained to LA NACION that this measure is not a mandatory regulation to be adopted by banking entities , but that each one is in a position to grant them , if they so decide. The message aims to communicate to banks and other actors in the financial system that they can comply with the new rules, incorporating the updates in their procedures and systems.
The news was welcomed by developers who believe that it will open the doors to long-term bank financing for buyers in the process. “From CEDU and AEV we reaffirm our commitment to promoting initiatives such as this one that will improve access to housing and contribute to the sustained growth of our sector, that of private construction in the country,” said Damián Tabakman and Carlos Spina, President of CEDU and AEV.
Peo, even though the measure has already been published by the BCRA, the Ministry of Economy still needs to regulate it so that private and public banks can begin to offer their divisible mortgage lines.
In order for banks to begin launching their lines, regulations by the Ministry of Economy are still pending.Depositphotos
What are divisible mortgages?
The new regulation allows a developer to build a residential building and finance the project by taking out a mortgage loan with a bank . As the apartments are sold , the debt is paid off . This means that, when the apartment is handed over, the mortgage is divided between the apartments and each one remains as collateral with its own portion of the debt, which facilitates the sale of units independently, and each buyer only acquires the mortgage for his or her apartment, without affecting the other owners.The main advantages of the system are that the buyers' fees during the construction are lower than at present and, in addition, that upon receiving their apartment it is presumed that the buyer does not have to make any new arrangements with the bank . "It is an option that facilitates the sale of these new units without having to cancel the mortgage at the time of handing over the key," explained the Government in the official resolution.
Until now, the payment plan to buy a condominium had to be paid in full at the time of receiving the key. “With this new measure, the buyer will be able to pay only a percentage , which will be commercially established depending on the development, during the construction of the building, while the remaining balance once the project is finished, will continue to be paid to the bank (it becomes a traditional and individual mortgage loan),” explains Damián Tabakman, president of the Chamber of Urban Developers (CEDU). This means that the buyer will pay “much lower installments and without having to have the entire balance paid at the delivery of the keys , which has been the usual market practice in recent years.
The measure favors real estate projects in the pitSantiago Filipuzzi - LA NACION
Mortgage on the right of surface
This tool is mainly intended for private neighborhoods that have been completed but that have lots that cannot yet be registered . In this way, Tabakman explains that if a buyer wants to take out a mortgage loan to build, he cannot do so because the land title is not there, but with this measure the developer can sell the lot only with the surface right , the title is no longer necessary.“This incentive helps ensure that the mortgage loan market is not limited to apartments, but also that there is more financing when it comes to building a house,” adds the Interwin manager.
Therefore, the bank that is applying for the loan can take this right as mortgageable and grant the loan , "thus allowing the holders of this real right to also access the mortgage market for the construction of their home ," the decree states.
As with the divisible mortgage , “each of the purchasers will assume the debt balance corresponding to their own functional unit or lot , in accordance with the conditions agreed with the mortgage creditor. If the debt balance had been cancelled prior to the corresponding transfer, the ownership and the real right of surface of the respective functional unit or lot will be free of all debt and of the mortgage lien duly constituted,” explains the Government.
www.buysellba.com
